Permira and AXA to make €500m bid for Opodo

Amadeus, which is owned by Cinven and BC Partners, launched an auction run by JP Morgan Chase & Co in September. Permira and Axa are the favourites to win the deal, though the Carlyle Group, owner of Spanish tour operator Orizonia, is also in the running.

Following the sale of Go Voyages and eDreams for more than 10x EBITDA last year, bankers predicted the sale of Opodo - which reported revenues of €84.2m and an EBITDA of €28.6m in the nine months to September - would raise between €400-500m. The exit is said to be driven by the relatively insignificant contribution of the unit to Amadeus' overall revenues, of which it represents just 4%.

The joint bid marks a change from Axa and Permira's previous strategy of attempting to outbid each other for European travel agencies. Last year, Axa purchased Go Voyages for €300-350m, while Permira pipped it to the post in buying eDreams for €250-300m. By merging Opodo with these existing acquisitions, they now plan to create a European internet travel giant to rival America's Expedia and Orbitz.

Expedia and internet search company Google were also believed to be considering a purchase, but are unlikely to make binding offers ahead of tomorrow's deadline.

Last October, Cinven, BC Partners and airline Iberia raised €617.13m from selling a 10.21% stake in Amadeus via an IPO at €13.50 per share.

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• Topics
• Southern Europe
• Buyouts
• Consumer
• Permira
• Axa Private Equity